Ripple’s cross-border token was not spared during the pullback from the past week, with its price dipping below $1.30 once again after a fresh rejection at $1.40.
The asset is now sitting at a crucial technical area, and analysts are split about what comes next. Ali Martinez warned that it could dump below $1.00 under certain circumstances, while EGRAG CRYPTO remains bullish as ever.
XRP Below $1 If Whales Keep Selling
Martinez outlined a distinctly bearish scenario for the popular altcoin, warning that it could eventually fall to its August lows of $0.98 if several worrying on-chain trends persist. First, he noted that the number of XRP Ledger wallets holding between 10 million and 100 million tokens has declined from 351 to 339 over the past few weeks alone.
He argued that the reduction suggests some of the network’s largest holders may be reducing their exposure. At the same time, exchange balances have moved in the opposite direction. The analyst said XRP held on centralized trading platforms has risen from 11.003 billion to 11.05 billion tokens in a short time, which means an additional 50 million coins on exchanges.
The combination could become an even bigger issue if whales continue transferring tokens to trading venues, since greater available supply can potentially increase the selling pressure.
His most important technical level is $1.26, which he described as the lower boundary of a channel that XRP has been forming since August. A decisive break below that level could initially push the asset toward $1.11 before the bears take it a step further to $0.98. This would represent another 22% decline from the aforementioned support.
Macro Bottom Forming?
EGRAG CRYPTO, on the other hand, offered a dramatically more bullish interpretation. He argued that XRP may be developing a triple-bottom structure ahead of what he described as a potential “face-melting phase.” He focused on the 44-week moving average, which he described as the current battleground between bulls and bears. If XRP closes above that level on the weekly chart, it could signal a decisive move.
All of this means that both analysts are watching opposite outcomes from an important support region. While Martinez sees weakening whale participation, elevated exchange balances, and a potential breakdown below $1.26, EGRAG believes the broader structure could still represent accumulation before a major upside move. However, XRP has to regain the critical weekly moving average.
The post XRP to $0.98 or a ‘Face-Melting’ Rally? Analysts Clash on What Comes Next appeared first on CryptoPotato.
Source: https://cryptopotato.com/xrp-to-0-98-or-a-face-melting-rally-analysts-clash-on-what-comes-next/
